xrp crypto value

Bitcoin Braced For A 3.3 Million-Strong Global Earthquake This Week As The Price Of Ethereum, Cardano, BNB, XRP, Solana And Dogecoin Soar

Bitcoin Is Braced For A $6 Billion Earthquake As A Crypto Price Crash Hits Ethereum, BNB, Solana, Cardano And XRP
Written by publisher team

Bitcoin and cryptocurrencies have been on the rise over the past two months, with the price of bitcoin hitting a high of around $52,000 per bitcoin – from under $30,000 just a few months ago.

The price of the top ten cryptocurrencies such as Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, Solana, and Dogecoin has surged in recent weeks, with most major cryptocurrencies outpacing the rally of Bitcoin.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover the latest releases of NFT and new Crypto Blockbusters ready for 1,000% gains

Now, as the Central American country of El Salvador prepares to adopt bitcoin as a legal tender alongside the US dollar this week, social media users are coordinating bitcoin purchases to coincide with the $30 bitcoin being distributed to all Salvadorans.

Register now, for free Codex—Free daily newsletter for crypto enthusiasts. We help you understand the world of bitcoin and cryptocurrency every day of the week

“It is clear that people in Brazil and around the world are planning to convert $30 worth of their local fiat currency into bitcoin on Tuesday, September 7 to celebrate El Salvador’s law making the currency open-source, decentralized and resistant to degeneration,” said Alex Gladstein, Senior Enterprise Strategy Officers and Bitcoin Supporter, via Twitter, sharing a Reddit link calling on the Bitcoin community to take up arms.

The plan to buy bitcoin, spread among 3.3 million r/bitcoin users of Reddit, calls for similar curated stacks of so-called meme stocks and memecoins this year, with Gamestop

GME
And the cryptocurrency that Elon Musk has chosen, Dogecoin, is one of the biggest winners.

“I meant this as a signal of support rather than a pump,” wrote one Reddit user thadiusb. “It’s the first time a country has embraced bitcoin. This is an important time in bitcoin. Let’s show El Salvador, to those who are still familiar with it, that bitcoin has value for them. For everyone, bitcoin has meaning.”

In June, it was revealed that every adult citizen of El Salvador will receive $30 worth of bitcoin when they download and register with the government’s cryptocurrency app. The plan to formally adopt bitcoin as legal tender was unveiled by El Salvador’s president, Neb Bukele, at a bitcoin conference in June and has been accelerated through the country’s legislature with little scrutiny. In recent weeks, some Salvadorans have protested the adoption of bitcoin, and a poll showed that many fear it will fuel corruption and further enrich the elites.

Although countries in the region and around the world are closely watching for signs of success in El Salvador, Bukele predicted that the high cost of people sending money to family and friends from all over the world would be reduced by using Bitcoin.

“One of the reasons we passed the bitcoin law is specifically to help people sending remittances,” Bukele said earlier this year.

However, the International Monetary Fund (IMF) has warned that the adoption of bitcoin could destabilize the economy and expose the government and ordinary citizens to additional exchange rate risks.

Codex—Free daily newsletter for crypto enthusiasts

More from ForbesElon Musk Supports Major Dogecoin Upgrade As Bitcoin, Ethereum, Cardano and Solana Send Crypto Market Price Near $2.3 Trillion

Although the bitcoin and cryptocurrency market is preparing for a bitcoin earthquake in El Salvador this week, some market watchers are not anticipating big moves until the $50,000 mark becomes a stronger support level.

“Bitcoin has not looked back since it found buyers at $30,000 and managed to recover relatively quickly, calming concerns about a prolonged bear market,” Joe Dipasquale, CEO of bitcoin-focused hedge firm BitBull Capital, wrote in comments via E-mail. “However, he is still struggling to turn $50,000 into a strong support level and until that happens, it is unlikely that we will see him make a big move.”

While smaller cryptocurrencies have outperformed bitcoin in recent weeks, bitcoin is still seen as the main driver of the market.

“Ethereum is skyrocketing after a long period of consolidation and has taken the entire market with it,” DiPasquale added. Altcoins [including cardano, Binance’s BNB, Ripple’s XRP, solana and dogecoin] Overall, it has performed well over the past few weeks, but the entire market sentiment is dependent on Bitcoin finding a solid foundation above $50,000. We expect an all-new high for bitcoin this year, especially between October and November.”

.

About the author

publisher team